Ledger Prepares IPO as Crypto Firms Eye Public Markets

• Ledger may hit the NYSE in 2026, valuing the hardware wallet maker over $4B amid growing crypto security demand.
• Hardware wallets gain popularity after exchange failures, boosting Ledger’s role for both retail and institutional investors.
• A new wave of crypto IPOs, including Kraken and ConsenSys, signals mainstream finance is taking digital assets seriously.

Ledger, the leading cryptocurrency hardware wallet maker, is preparing for a potential IPO in the United States. The company is exploring listing on the New York Stock Exchange (NYSE), possibly as early as 2026.

Ledger’s push toward an IPO comes as more people look for safe ways to store crypto and as crypto companies increasingly go public. The French company is weighing both a public listing and private fundraising. If it succeeds, Ledger could be worth over $4 billion—a big jump from the $1.5 billion it was valued at in 2023, when investors like True Global Ventures, 10T Holdings, Morgan Creek, Korelya Capital, and Molten Ventures backed it.

Even before going public, Ledger shares are trading around $4.50 on platforms like Linqto and EquityZen, which currently suggests the company’s value is about $1.4 billion. T

Rising Demand for Hardware Wallets Fuels Growth

Hardware wallets have become much more popular after exchange failures and rising cyber threats. Consequently, both retail and institutional investors prioritize self-custody, reinforcing Ledger’s role in the crypto ecosystem. “High-profile exchange failures and rising cyber threats have pushed both retail and institutional investors toward hardware wallets,” analysts note.

The IPO also fits a bigger trend in crypto finance. Other major companies like Kraken, ConsenSys, BitGo, and Animoca Brands are planning to go public in 2026, following 2025 listings from Circle, Figure Technology, Gemini, and Bullish. The crypto industry isn’t just after money—it’s looking for trust, stability, and easier access to investors.

Crypto IPO Wave Gains Momentum

The emerging IPO cycle builds on $14.6 billion raised by crypto companies in 2025. International firms like Bithumb are also exploring listings, reflecting a global shift toward mainstream finance. “Whether this momentum turns into a sustained IPO season will depend on market stability and regulatory follow-through,” experts say. Pro-crypto signals from the Trump administration, including progress on stablecoin legislation like the GENIUS Act, reinforce confidence.